Mortgage rates in the United States fell to their lowest level in a week last month, boosting home buying activity, according to data released by the Mortgage Bankers Association on Wednesday. For the week ending November 28, which included the Thanksgiving holiday, the 30-year fixed-rate mortgage dropped by eight basis points to 6.32%. Meanwhile, the five-year adjustable-rate mortgage fell to 5.4%, its lowest level since May 2023. The Mortgage Bankers Association's seasonally adjusted index of mortgage applications rose 2.5% to its highest level since the beginning of 2023. Although weekly figures tend to fluctuate during holiday periods, the overall trend indicates a revival in the housing market.
